Authorizes the Secretary of Agriculture, if the White Lotus Foundation in Santa Barbara, California, offers to convey to the Secretary a parcel of non-federal land that is acceptable to the Secretary and the Secretary accepts the offer, to convey approximately five acres of certain identified National Forest System land (the federal land) in Santa Barbara County to the Foundation.
Subjects the land exchange to provisions under the Federal Land Policy and Management Act of 1976 related to exchanges of public lands and interests therein within the National Forest System.
Expresses the intent of Congress that the land exchange be completed within two years of enactment of this Act. Allows the Secretary to offer to sell to the White Lotus Foundation the federal land for fair market value if such exchange is not completed by such time.
Makes the land exchange subject to specified additional terms and conditions, including to valid existing rights and the White Lotus Foundation paying the reasonable costs of surveys, appraisals, and other administrative costs associated with the exchange or sale.
Requires land conveyed by exchange or sale under this Act to be appraised by an independent appraiser selected by the Secretary and such an appraisal to be conducted in accordance with nationally recognized appraisal standards.
Requires any proceeds received by the Secretary from any cash equalization payment or sale under this Act to be deposited in a special account in the Treasury and to be made available for the acquisition of land or interests in the Los Padres National Forest.